CaliforniaCommercial financing: disclosures.
What it does
Existing law requires a provider of commercial financing to disclose certain information, as specified. Existing law provides that a provider of commercial financing licensed under the California Financing Law (CFL) is subject to examination and enforcement by the Commissioner of Financial Protection and Innovation under the CFL for any violation of those disclosure provisions, as specified. Certain violations of the CFL are a crime.
More detail
This bill would prohibit a provider of commercial financing from using the term "interest" or "rate" in a deceptive way that could reasonably result in the recipient being misled and would require those providers to use the term "annual percentage rate" or the acronym "APR" in specified circumstances. The bill would repeal the provision subjecting those providers to the CFL described above and would instead provide that a violation of the disclosure provisions described above and the provisions of the bill is a violation of the CFL if the violation relates to a commercial financing transaction subject to the CFL, or a violation of the California Consumer Financial Protection Law if the violation relates to a commercial financing transaction that is not subject to the CFL. By expanding the scope of a crime, this bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
Where do you stand?
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Oct 6Chaptered by Secretary of State. Chapter 352, Statutes of 2025.Latest
- Oct 6Approved by the Governor Gavin Newsom.Became Law
- Sep 16Enrolled and presented to the Governor at 3 p.m.To Governor
- Sep 8Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2605.) Ordered to engrossing and enrolling.Major
- Vote recorded Unfinished Business SB362 Grayson Concurrence. Result: pass.Upper
- Sep 3In Senate. Concurrence in Assembly amendments pending.
- Vote recorded SB 362 Grayson Senate Third Reading By Blanca Rubio. Result: pass.Lower
- Sep 3Read third time. Passed. (Ayes 79. Noes 0. Page 2866.) Ordered to the Senate.Passed Assembly
- Aug 28Ordered to third reading.Minor
- Aug 28Read third time and amended.Major
- Aug 21Read second time. Ordered to third reading.Minor
- Aug 20From committee: Do pass. (Ayes 15. Noes 0.) (August 20).Minor
- Vote recorded Do pass. Result: pass.Lower
- Jul 16From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (July 15). Re-referred to Com. on APPR.Minor
- Jul 15
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Jul 10From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.Major
- Jul 8From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (July 7). Re-referred to Com. on JUD.Minor
- Jul 7
- Vote recorded Do pass and be re-referred to the Committee on [Judiciary]. Result: pass.Lower
- Jun 17June 23 hearing postponed by committee.
- Jun 9Referred to Coms. on B. & F. and JUD.Minor
- Jun 3In Assembly. Read first time. Held at Desk.Minor
- Jun 2Read third time. Passed. (Ayes 38. Noes 0. Page 1400.) Ordered to the Assembly.Passed Senate
- Vote recorded 3rd Reading. Result: pass.Upper
- May 27Read second time. Ordered to third reading.Minor
- May 23Read second time and amended. Ordered to second reading.Major
- Vote recorded Do pass as amended. Result: pass.Upper
- May 23From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1198.) (May 23).Major
- May 16Set for hearing May 23.
- May 5May 5 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Apr 25Set for hearing May 5.
- Apr 23From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 834.) (April 22). Re-referred to Com. on APPR.Minor
- Apr 22
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations]. Result: pass.Upper
- Apr 10Set for hearing April 22.
- Apr 9Re-referred to Com. on JUD.Minor
- Apr 3From committee: Do pass and re-refer to Com. on RLS. (Ayes 7. Noes 0. Page 632.) (April 2). Re-referred to Com. on RLS.Minor
- Apr 2
- Vote recorded Do pass, but first be re-referred to the Committee on [Rules]. Result: pass.Upper
- Mar 18Set for hearing April 2.
- Mar 17From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.Major
- Feb 26Referred to Com. on B. & F.I.Minor
- Feb 14From printer. May be acted upon on or after March 16.
- Feb 13Introduced. Read first time. To Com. on RLS. for assignment. To print.Introduced